Answer:
Thus the annual rate of interest is 11%.
Step-by-step explanation:
Total amount is principal + interest = 2,867
To calculate for the interest amount = total amount - principal
= 2867 - 2350 = 517%.
to find rate, the formula I = PRT is used where P is the principal, R is the rate and T is the time
thus, R = I / PT = 517 / (2350x2) = 517 / 4700 = 0.11 = 11%
Thus the annual rate of interest is 11%
